Skip to main navigation menu Skip to main content Skip to site footer

Vol. 6 No. 4 (2018)
Foreign Entrepreneurs in China

Other Articles

The Assessment of Key Business Risks for SMEs in Slovakia and Their Comparison with other EU Countries

https://doi.org/10.15678/EBER.2018.060408

Published 2018-12-18

  • Mária Hudáková
    • ,
  • Matej Masár

Mária Hudáková
University of Žilina

Matej Masár
University of Žilina

Abstract

Objective: The essence of this article is to identify statistically the most serious entrepreneurial risks defined by SME owners and managers in Slovakia based on the empirical research conducted in 2017 and to identify the most serious market risks and their sources (causes) depending on the company size and the duration of doing business.

Research Design & Methods: Using empirical research methods and statistical methods, the authors investigate the dependence between the risks perceived by managers and owners of SMEs and the duration of business activity and the size of an enterprise.

Findings: Based on the results, we can say that market risks that negatively affect the SME entrepreneurial environment are considered to be the most serious risks in all countries. The overall research results in individual countries underline the importance of dealing with the assessment of entrepreneurial risks and their sources in SMEs.

Implications & Recommendations: The owners or managers of SMEs should be able to apply the risk management process in enterprises using appropriate methods and tools to identify changes timely in case of adverse development of business environment. The application of enterprise risk management leads to an improvement in business performance and also cost saving.

Contribution & Value Added: The task of this article is to make the need of implementing the risk management in SMEs through a relevant study more transparent, to compare and evaluate the results of the area being solved in individual countries.

Keywords

risk, risk source, risk management, risk assessment, small and medium-sized enterprises

PDF Assessment of the Key Business Risks of the SMEs in Slovakia and Their Comparison with Other EU Countries

References

  1. Abbas, S.A. (2018). Entrepreneurship and information technology businesses in economic crisis. Entrepreneurship and Sustainability Issues, 5(3), 682-692. https://doi.org/10.9770/jesi.2018.5.3(20)
  2. Agarwal, R., & Ansell, J. (2016). Strategic Change in Enterprise Risk Management. Strategic Change-Briefings in Entrepreneurial Finance, 25(4), 427-439. https://doi.org/10.1002/jsc.2072
  3. The American Institute of CPAs (Certified_Public_Accountants) (2017). Retrieved from http://www.aicpa.org/Pages/default.aspx on September 1, 2018.
  4. Belás, J., Dvorský, J., Kubálek, J., & Smrčka, L. (2018). Important factors of financial risk in the SME segment. Journal of International Studies, 11(1), 80-92. https://doi.org/10.14254/20718330.2018/11-1/6
  5. Bogodistov, Y., & Wohlgemuth, V. (2017). Enterprise risk management: a capability-based perspective. Journal of Risk Finance, 18(3), 234-251.
  6. Brachert, M., Hyll, W., & Titze, M. (2017). On the simultaneity bias in the relationship between risk attitudes, entry into entrepreneurship and entrepreneurial survival. Applied Economics Letters, 24(7), 477-480.
  7. CGMA (2017). Global Management Accountant – Global State of Enterprise Risk Oversight 2nd edition. Retrieved from http://erm.ncsu.edu/library/research-report/cgma-report-on-the-global-state-of-enterprise-risk-oversight on September 1, 2018.
  8. Fraser, J.R.S., & Simkins, B.J. (2016). The challenges of and solutions for implementing enterprise risk management. Business Horizons [Special Issue], 59(6) 689-698.
  9. Fudaliński, J. (2015). Risk Taking Propensity and Firm Internationalization Process. Entrepreneurial Business and Economics Review, 3(2), 85-104. https://doi.org/10.15678/EBER.2015.030207
  10. Gates, S., Nicolas, J.L., & Walker, P.L. (2012). Enterprise Risk Management: A Process for Enhanced Management and Improved Performance. Management Accounting Quarterly, 13(3), 28-38.
  11. Global risk management survey, ninth edition. Navigating in a changed world (2018). Retrieved from https://www.iia.nl/SiteFiles/Global%20Risk%20Management%20Survey-7.pdf on September 1, 2018.
  12. Hrehová, D. (2011) Importance of Professional Qualifications of Manager in Current Conditions of Modern Market Economy. Journal of Scientific Publications: Economy & Business, 5(1), 177-190.
  13. Hudáková, M., Dvorský, J., Lusková, M., & Schönfeld, J. (2017). The Market Risk Analysis and Methodology of its More Effective Management in Smes in the Slovak Republic. Montenegrin Journal of Economics, 13(2), 151-161. https://doi.org/10.14254/1800-5845/2017.13-2.10
  14. Hudakova, M., Vrbincik, M., Pawera, R., & Vojtech, F. (2016). Small and medium-sized enterprise in the context of the Slovak and European integration. Proceedings of the 3th International Multidisciplinary Scientific Conference on Social Sciences and Arts (pp. 597-604). Albena, Bulgaria.
  15. Jankelová, N., Jankurová, A., Beňová, M., & Skorková, Z. (2018). Security of the business organizations as a result of the economic crisis. Entrepreneurship and Sustainability Issues, 5(3), 659-671. https://doi.org/10.9770/jesi.2018.5.3(18)
  16. Kelíšek, A., Hudáková, M., & Titko, M. (2017). Assessment of approaches to measuring the quality of business environment in Slovakia. Proceedings of the 8th international scientific conference – Finance and performance of firms in science, education and practice (pp. 913-925). Czech Republic, Zlín: Tomas Bata University.
  17. Ključnikov, A., & Popesko, B. (2017). Export and its Financing in The SME Segment. Case Study From Slovakia. Journal of Competitiveness, 9(1), 20-35. https://doi.org/10.441/joc.201.01.02
  18. Klučka, J., & Grünbichler, R. (2016). Risikomanagement: Vebreitung, Bedeutung und zukünftige Erwartungen: Ein Vergleich zwischen Österreich, Slowakei und Deutschland. Controller Magazin, Arbeitsergebnisse aus der Controller-Praxis, 41(5), 49-54.
  19. Klučka, J. (2016). Why was the cause Vahostav –SK, as important for the future of enterprise restructuring in the Slovak Republic. Proceedings of 1th international Conference Contemporary Issues in Theory and Practice of Management Location. Czestochowa, Poland.
  20. Kormancova, G. (2014). Export of small and medium-sized enterprises in Slovakia. In International Conference on Current Problems of the Corporate Sector (pp. 221-225). Bratislava/Slovakia: Ekonom.
  21. Kot, S. (2018). Sustainable Supply Chain Management in Small and Medium Enterprises. Sustainability, 10(4), 1143. https://doi.org/10.3390/su10041143
  22. Kozubíková, L., Dvorský, J., Cepel, M., & Balcerzak, A.P. (2017). Important characteristics of an entrepreneur in relation to risk taking: Czech republic case study. Journal of International Studies, 10(3), 220-233. https://doi.org/10.14254/2071-8330.2017/10-3/16
  23. Masár, M., & Hudáková, M. (2017). Benefits of use integration ISO 21500:2012 and ISO 31000:2009 in project risk management. Proceedings of 10th international scientific conference – Conference on business and economics (pp. 124-134). Karviná, Czech Republic.
  24. Mikešová, M., & Čopíková, A. (2016). What Business Owners Expect of a Crisis Manager? A Competency Model: Survey Results from Czech Businesses. Journal of Contingencies and Crisis Management, 24(4), 1-19.
  25. Ojiako, U., Papadopoulos, T., Thumborisuthi, Ch., & Yang, Y.F. (2012). Perception variability for categorised risk factors. Industrial Management & Data Systems, 112(4), 600-618.
  26. Oláh, J., Zéman, Z., Balogh, I., & Popp, J. (2018). Future challenges and areas of development for supply chain management. LogForum, 14(1), 127-138. https://doi.org/10.17270/J.LOG.2018.238
  27. Pietrasieński, P., & Ślusarczyk, B. (2015). Internationalization of small and medium enterprises – Empirical research review on barriers to entry into foreign markets. Polish Journal of Management Studies, 11(1), 113-123. https://doi.org/10.2478/emj-2018-0014
  28. Popp, J., Oláh, J., Machova, V., & Jachowicz, A. (2018). Private equity market of the Visegrad group. Ekonomicko-manazerske Spektrum, 12(1), 1-15. https://doi.org/10.26552/ems.2018.1.1-15
  29. Ribau, C., Moreira, A., & Raposo, M. (2017). SMEs innovation capabilities and export performance: an entrepreneurial orientation view. Journal of Business Economics and Management, 18(5), 920-934. https://doi.org/10.3846/16111699.2017.1352534
  30. Sira, E., Vozarova-Kravcakova, I., & Radvanska, K. (2016). Using of risk management at small and medium- sized companies in the Slovak Republic. Economic Annals-XXI, 156(1-2), 71-73. https://doi.org/10.21003/ea.V156-0016
  31. Streimikiene, D., Baležentis, T., & Kriščiukaitiené, I. (2016). Benefit of the Doubt Model for Financial Risk Analysis of Lithuanian Family Farms. Economics & Sociology, 9(1), https://doi.org/10.14254/2071-78X.2016/9-1/4
  32. Urbancová, H., & Hudáková, M. (2015). Employee Development in Small and Medium Enterprise in the Light of Demographic Evolution. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 63(3), 1043-1050. https://doi.org/10.11118/actaun201563031043

Downloads

Download data is not yet available.

Similar Articles

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 > >> 

You may also start an advanced similarity search for this article.